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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
94
NOTE 8. DEBT AND FINANCING ARRANGEMENTS
The following table sets forth the principal amount, maturity or range of maturities, as well as the carrying value of our
debt obligations, as of December 31, 2015 and 2014 (in millions). The carrying value of these debt obligations can differ from
the principal amount due to the impact of unamortized discounts or premiums and valuation adjustments resulting from interest
rate swap hedging relationships.
Principal Carrying Value
Amount Maturity 2015 2014
Commercial paper $ 2,965 2016 $ 2,965 $ 772
Fixed-rate senior notes:
1.125% senior notes 375 2017 372 369
5.50% senior notes 750 2018 787 802
5.125% senior notes 1,000 2019 1,064 1,076
3.125% senior notes 1,500 2021 1,613 1,616
2.45% senior notes 1,000 2022 991 976
6.20% senior notes 1,500 2038 1,481 1,481
4.875% senior notes 500 2040 489 489
3.625% senior notes 375 2042 367 367
8.375% Debentures:
8.375% debentures 424 2020 474 480
8.375% debentures 276 2030 282 282
Pound Sterling Notes:
5.50% notes 98 2031 92 97
5.125% notes 670 2050 638 673
Euro Senior Notes:
1.625% notes 765 2025 759 —
Floating rate senior notes 547 2020 544 —
Floating rate senior notes 606 2049 – 2065 600 458
Capital lease obligations 475 2016 – 3005 475 505
Facility notes and bonds 320 2016 – 2045 319 320
Other debt 21 2016 – 2022 22 16
Total debt $ 14,167 14,334 10,779
Less: current maturities (3,018)(923)
Long-term debt $ 11,316 $ 9,856
Commercial Paper
We are authorized to borrow up to $10.0 billion in a variety of currencies under our U.S. commercial paper program. We
had $2.618 billion outstanding under this program, including euro denominated commercial paper totaling €310 million ($339
million), as of December 31, 2015, with an average interest rate of 0.21% for our U.S. dollar denominated commercial paper
and -0.12% for our euro denominated commercial paper. We also maintain a European commercial paper program under which
we are authorized to borrow up to €5.0 billion in a variety of currencies. We had £234 million ($347 million) outstanding under
this program as of December 31, 2015 with an average rate of 0.50%. The amount of commercial paper outstanding under these
programs in 2016 is expected to fluctuate.